Hello traders,
After 14 days of sideway movements, we saw bear breakout today. So why did this happen?
One of my hypothesis is that there is another round of selling in US indices and people may be afraid of further selling.
Therefore, this is a GREAT time to get into the market when the fear level is at the peak.
US Market will recover for multiple reasons:
1) Strong USD buying today:
USD/JPY
2) Bullish divergence in SPX and IXIC
Looking at 4 hour chart, we see that Bitcoin just touched ascending trendline and it is very interesting to see how market react to this. If Bitcoin goes below this black trendline, we will see a further selling down to 6K. If we ignore huge wick caused by the tether fud, we see that another lower high has been established, so we will probably see another tightening pattern.
Happy trading!
After 14 days of sideway movements, we saw bear breakout today. So why did this happen?
One of my hypothesis is that there is another round of selling in US indices and people may be afraid of further selling.
Therefore, this is a GREAT time to get into the market when the fear level is at the peak.
US Market will recover for multiple reasons:
1) Strong USD buying today:
USD/JPY
2) Bullish divergence in SPX and IXIC
Looking at 4 hour chart, we see that Bitcoin just touched ascending trendline and it is very interesting to see how market react to this. If Bitcoin goes below this black trendline, we will see a further selling down to 6K. If we ignore huge wick caused by the tether fud, we see that another lower high has been established, so we will probably see another tightening pattern.
Happy trading!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.